The company explains in one sentence that probably has every Comcast and Time Warner Cable employee nervous.

"The transaction will generate approximately $1.5 billion in operating efficiencies and will be accretive to Comcast's free cash flow per share while preserving balance sheet strength."

"Operating efficiencies" usually means the closing and combining offices, which also often comes with job cuts.

For now, management is doing and saying what they can to keep everyone calm.

"The combination of Time Warner Cable and Comcast creates an exciting opportunity for our company, for our customers, and for our shareholders," said Comcast CEO Brian Roberts.

"This combination creates a company that delivers maximum value for our shareholders, enormous opportunities for our employees and a superior experience for our customers," said Time Warner Cable CEO Robert Marcus.